London
23 °C
Manchester
21 °C
Glasgow
Dublin
21 °C
Belfast
Washington
Denver
Atlanta
Dallas
Houston Texas
New Orleans
28 °C
El Paso
21 °C
Phoenix
Los Angeles
20 °C
21 °C
23 °C
16 °C
The worst market crashes since 1929 / Photo: TIMOTHY A. CLARY - AFP/File
The worst market crashes since 1929
Monday's stock market collapses in Asia and Europe after China retaliated to steep US tariffs revived memories of similar market turmoil after the Covid pandemic and the last global financial crisis.
Analysts called the falls "historic" and some even described it as a "bloodbath", recalling previous collapses since the start of the last century.
- 2020: Pandemic -
Global stocks crashed in March 2020 after the World Health Organization declared Covid-19 a pandemic, putting much of the world under lockdown.
On March 12, 2020 -- the day after the announcement -- Paris fell 12 percent, Madrid 14 percent and Milan 17 percent. London dropped 11 percent and New York 10 percent in the worst fall since 1987.
Further falls came over the following days, with US indexes dropping more than 12 percent.
The rapid response by national governments, which dug deep to keep their economies afloat, helped most markets rebound within months.
- 2008: Subprime crisis -
The 2008 global financial crisis was caused by bankers in the United States giving subprime mortgages to people on shaky financial footing and then selling them off as investments, fuelling a housing boom.
When borrowers became unable to pay their mortgages, millions lost their homes, the stock market crashed and the banking system buckled, culminating with the dramatic bankruptcy of investment bank Lehman Brothers.
From January to October that year, the world's main stock markets fell between 30 and 50 percent.
- 2000: Dot.com bubble -
The start of the millennium saw the deflation of the tech bubble caused by venture capitalists throwing money at unproven companies.
From a record 5,048.62 points on March 10, 2000, the US tech-heavy Nasdaq index lost 39.3 percent in value over the year.
Many internet startups went out of business.
- 1987: Black Monday -
Wall Street crashed on October 19, 1987, on the back of large US trade and budget deficits and interest rates hikes.
The Dow Jones index lost 22.6 percent, causing panic on markets worldwide.
- 1929: Wall Street collapse -
October 24, 1929 became known as "Black Thursday" on Wall Street after a bull market imploded, causing the Dow Jones to lose more than 22 percent of its value at the start of trade.
Stocks recouped most lost ground during the day but the rot set in: October 28 and 29 also saw huge losses in a crisis that marked the beginning of the Great Depression in the United States and a global economic crisis.
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M.Anderson--SMC
